Coinbase, the US’s largest cryptocurrency exchange, has filed a 177-page motion to dismiss the lawsuit filed by the US Securities and Exchange Commission against the exchange in early June.

The legal battle started earlier this month when the US financial regulators slammed Coinbase with lawsuits alleging that many of the assets listed on the exchange were unregistered securities.

However, in a Thursday response by Coinbase, the exchange responded that most of the assets claimed to be unregistered securities do not meet the criteria of securities. This development, however, marks a notable turn in the legal tussle between Coinbase and the SEC.

Citing the Supreme Court’s Howey case to back up its stance, the exchange said that assets traded on its secondary market platform do not constitute a part of an arrangement where an asset is sold tied to a contract. Coinbase contends that the issuers of these tokens have no obligations to investors, strengthening the argument that transactions conducted on Coinbase’s secondary market are not securities. The value derived from these transactions lies in the assets themselves and not in the underlying companies that generated them, the filing noted.

“None of the assets the SEC has now identified are in fact securities, and for that and other reasons, secondary transactions in those assets are also not securities. […] None of these satisfy Howey’s definition of an “investment contract”,” Coinbase wrote in the filing.

Additionally, Coinbase said that the current chairman of SEC Gary Gensler is moving beyond the commission’s reach on cryptocurrency.

Furthermore, the filing also called for the dismissal of the case because of the violations of Coinbase’s due process rights.

According to the additional filing, SEC’s action violates the “major questions” doctrine. Coinbase is requesting the judge’s permission to file a motion for judgment and proposing a seven-week timetable for its motion, the SEC’s opposition, and its own response to the opposition.

Paul Grewal, Coinbase’s chief legal officer (CLO), expressed the company’s stance on Twitter, stating, “Coinbase today filed our response and notice of intent to file a motion to dismiss the SEC proceeding against us. You can read our response for yourself – our arguments speak for themselves.”

Grewal stressed Coinbase’s readiness to entertain dialogue with any regulators, including the SEC, and its belief that new laws and rulemaking are the appropriate means to move forward. He also stressed that the claims made in the lawsuit go beyond existing law and should, however, be dismissed.